Question 1 [10 points] The average salary of produce workers at a local store fo

Question

Question 1 [10 points]

The average salary of produce workers at a local store for the selected periods are given below.

For full marks your answer should be accurate to at least one decimal place.

a) Using 2010 as the base period and 100 as the base value, determine the indexes for 2015 and for the preliminary 2016 data.

P2015=0, P2016=0

b) Use the average of 2010, 2011 and 2012 as the base and determine indexes for 2015 and for the preliminary 2016 data using 100 as the base value.

P2015=0, P2016=0

c) What is the index for the preliminary 2016 data using 2011 as the base?

P2016=0

Question 2 [5 points]

An index of two store items for 2015 based on 2012 is to be constructed. The information for the prices and quantities for both years is given below. Use 2012 as the base period and 100 as the base value.

For full marks your answer should be accurate to at least one decimal place.

Determine the simple average of the price index.

Simple average: 0

Question 3 [5 points]

An index of two store items for 2015 based on 2012 is to be constructed. The information for the prices and quantities for both years is given below. Use 2012 as the base period and 100 as the base value.

For full marks your answer should be accurate to at least one decimal place.

Determine the aggregate price index for the two years.

Aggregate price index: 0

Question 4 [5 points]

An index of two store items for 2015 based on 2012 is to be constructed. The information for the prices and quantities for both years is given below. Use 2012 as the base period and 100 as the base value.

For full marks your answer should be accurate to at least one decimal place.

Determine Laspeyres' price index.

Laspeyres' price index: 0

Question 5 [5 points]

An index of two store items for 2015 based on 2012 is to be constructed. The information for the prices and quantities for both years is given below. Use 2012 as the base period and 100 as the base value.

For full marks your answer should be accurate to at least one decimal place.

Determine Paasche's price index.

Paasche's price index: 0

Year Average Hourly Earnings ($) 2010 10.51 2011 11.17 2012 11.41 2013 11.99 2014 12.27 2015 12.32 2016 12.57* *preliminary estimate

Explanation / Answer

Solution.

Q5.

Comodity Price Quantity P0 P1 P2 Q1 Q2 P1 Q1 P0 Q1 P2 Q2 P0 Q2 P1 Q2 2012 2012 2015 2012 2015 Item 1    79.00    79.00    84.00         464.00       488.00    36,656.00    6,241.00    40,992.00    38,552.00    38,552.00 Item 2    32.00 $32.00    35.00     1,270.00    1,420.00    40,640.00    1,024.00    49,700.00    45,440.00    45,440.00    77,296.00    7,265.00    90,692.00    83,992.00    83,992.00

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